ABS

Highlights Chart 1Bond Yields Have Upside In A Blue Sweep Bond Yields Have Upside In A Blue Sweep…

Highlights Chart 1Spending Held Up In August Spending Held Up In August…

Highlights Chart 1Permanent Job Losses Still Rising Permanent Job Losses Still Rising…

Highlights Global Bond Yields: The growing divide between falling negative real bond yields and rising inflation expectations in the US and other major developed economies may be a sign of investors pricing in slower long-run potential economic growth in the aftermath of the COVID-19 recession…

Highlights Chart 1How Much Lower For Real Yields? How Much Lower For Real Yields…

Highlights The Fed’s emergency lending facilities have successfully stabilized markets … : Credit spreads have tightened dramatically since March and liquidity has been restored to the US Treasury market. … at very little cost to the central bank: Just the announcement of Fed lending…

Highlights Chart 1More Stimulus Required More Stimulus Required…

Highlights High-Yield: Our analysis of current junk spread levels relative to likely economic outcomes leaves us inclined to maintain our current recommended positioning: Overweight Ba-rated bonds, underweight bonds rated B & below. Fed/Treasuries: There is no urgency for the Fed to…

Highlights Chart 1More Stimulus Forthcoming? More Stimulus Forthcoming…

Highlights Chart 1Low-Rated Junk Returns Are Lagging Low-Rated Junk Returns Are Lagging…